Description
Globe Life’s Hidden Earnings Lever — Life Underwriting Margins Could Reach 45%!
Globe Life Inc. reported second-quarter 2026 net income per share of $3.65, up 20% year-over-year, while net operating income per share increased 10% to $3.61. The company has now delivered double-digit net operating income per share growth for nine consecutive quarters. GAAP return on equity was 18.4%, with book value per share of $78.18. Excluding accumulated other comprehensive income, return on equity was 14.3% and book value per share reached $100.04, up 11% year-over-year. Total premium revenue increased 7%, driven by 3% growth in life premiums and 16% growth in health premiums. Life underwriting margin improved to 42% from 41%. Full-year life margins are expected between 43% and 45%, including a temporary increase above 50% in Q3 from assumption updates. Health underwriting margin declined to approximately 23% from 26%, primarily because of Medicare Supplement claims and losses associated with the start-up group health business.
